- After reaching a market cap of $502M, Pepe Token is looking to extend its reach further through leveraged trading that can be accessed by users on BitMex.
- PEPE token has been trending lately, following a price pump of around 456.84% in the past week
- PEPE token’s recent price analysis shows the token is trading in an upward channel which has triggered a major price surge.
The recent listing of Pepe Token’s perpetual swaps with 50x leverage on BitMex is likely to further drive the prices higher and bring more attention to the project. This will allow users to effectively speculate on the PEPE tokens’ price movements and provide a platform for traders to hedge their positions with high leverage.
Looking at the PEPE/USDT pair price analysis, the pair has slightly corrected to an intraday low of $0.000001226 where it is currently trading, however, the overall trend is still bullish with a significant uptrend. The Pepe coin is up 7.17% on the daily chart after hitting an intraday high of $0.0000014.
Technical Analysis of PEPE Token’s Price Movement
Looking at the technicals, PEPE coin price movement has been characterized by a formation of a bullish flag pattern which is likely to continue the upside trend in the near future. The MACD indicator has generated a buy signal with a positive crossover of the fast-moving average above the slow one, indicating further bullish pressure ahead.
The daily moving averages are also showing a bullish trend with the 50-day moving average crossing above the 200-day MA, indicating a strong bullish momentum in the short term.
The RSI indicator is currently at 65.96 and is trending higher which indicates that PEPE/USDT pair has more upside potential in the near future. The Chaikin Money Flow (CM), a technical indicator that shows the money flow into and out of security is also trending higher, indicating there is more buying pressure than selling.
The market volatility for the altcoin has been increasing gradually over the past few days, and the current bullish trend is likely to continue with a potential for more upside in the near future. The Bollinger bands are seen to be wide, with the upper hand touching the Fibonacci resistance level of $0.0000014, indicating further upside in the near future.
Overall, Pepe Token looks to have more potential with the recent listing on BitMex and could possibly drive prices higher with traders capitalizing on the high leverage. The technical indicators also point towards a possible bullish trend in the near future which may bring further gains in the PEPE token’s price.
Strong support established at the Fibonacci support level of $0.000001226 will be essential to watch in the coming days, as a break below this level could trigger further price corrections and affect the token’s upward momentum.
